Novobrokers Review: Who Is Behind Novobrokers.Io?
Novobrokers is a typical online trading fraud. The address can only be found in the Contact Us section, while the company owner and a regulation number are missing.
Novobrokers urges you to be adventurous and register with them today. And that is exactly how registering with a virtually anonymous, unregulated website like this could be best described as adventurous, if not outright stupid. This is because unregulated websites as a rule are run by scammers, and Novobrokers here bears all the hallmarks of a scam.
And this detailed Novobrokers broker review will present you with everything you need to know about this investment scam. Your funds are at risk. Beware.
What is more, we strongly advise you not to invest in Global-Solution, Monfex, and MigoTrade fraudulent brokers.
|Warning||CNMV, BCSC, OSC|
Licensing and Security of Novobrokers
As aforementioned, Novobrokers is a bogus online trading platform. The firm never listed the owner, regulator, or information about governing law. Since its alleged headquarters is in London, UK, we’ve checked the FCA register.
As suspected, Novobrokers is nowhere to be found. In addition, we checked several other registers, including ASIC, BaFin, CONSOB, and CNMV. All we found were several regulatory warnings indicating that you cannot trust Novobrokers trading scam.
If a broker is not licensed, there is no reason to trust it. Not a single one. These firms don’t provide negative balance protection, don’t follow any rules, and don’t keep your money in reputable banks or segregated bank accounts.
Trading Platform Overview
The broker advertises its platform as a “best-in-class platform that takes your trading to the next level.” According to the website, it’s a proprietary platform created for both newbies and trading veterans, easy to register and even easier to start trading on.
In the Account Types section, we’re told that the platform is actually MT5. However, upon registering an account, we were given access to third-party MetaTrader, belonging to Stockton Ltd. So, we already know this notorious firm as a platform provider for several illicit brokers. Likewise, sharing your information and funds with Novobrokers implies giving access to Stockton Ltd.
Novobrokers Account Types Available
Customers can choose from one of the five Novobrokers account types. Those account types include the following ones:
Starting with the Silver account, customers are entitled to 1-on-1 sessions with a personal adviser and live trading events once a month, while the Gold account brings free withdrawal fees and daily market reviews.
There’s no demo account available. That’s a problem because traders have to invest right away in this shady platform and risk losing everything.
|Broker||Novobrokers||FXTM||OctaFX||FPMarkets||XM Broker||HFM||FBS Broker|
Deposits and Withdrawals Methods
Due to the lack of a Withdrawal Policy, we don’t know much about withdrawals. Therefore, it seems that the only available payment methods include the following ones:
- Wire transfers
This is a typical way of fraudulent brokers. Wire transfers are hard to recall, while crypto transactions are virtually untraceable. Investing using any of these puts traders in an unfavorable position when it comes to recovering funds.
How Is Fraud Set Up?
You have probably heard about these types of frauds as they are quite common. Trading scams basically have the same principle that is being performed through different sites and by different agents.
Nonetheless, the core remains the same. The broker first gets your personal information if you have left it on some sketchy sites and then the constant harassment starts.
It is important to note that scams like this one can happen to anyone. The agents calling you are persuasive professionals who scam people for a living. Even if you say no, they will continue to call you until you agree to make an initial deposit. If you are being harassed in this manner, we suggest you contact the local authorities.
In case you have ever fallen victim to this type of scam, be sure to contact us as we can help you get your money back.
Top Forex Brokerage
By now it’s obvious that Novobrokers is not a good option for you to start trading with. But that does not mean you should just give up.
Deciding to invest with a broker who hasn’t violated any terms and conditions will ensure your money isn’t going to waste and you can actually make some profit along the way.
Here we will give you a table with all the necessary details one may need when it comes to deciding on the right broker to invest with.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
Novobrokers is allegedly a UK-based broker targeting people from all over the world. In terms of regulations, it is safe to say they do not follow any, so your funds will not be safe while working with them.
Additionally, they have 3 different warnings issued by reputable regulatory bodies which are CNMV, BCSC, OSC.
Think twice before taking any risks while investing money and keep in mind that legit brokers will ask for as little as $10 in order for you to start trading.
Doing proper research is a must if you are new to the world of trading as many phony brokers pop up overnight. Don’t get played by the fairytales they are going to tell you and be careful with your investments.
FAQs About Novobrokers Broker
Is Novobrokers a Regulated Broker?
No, Novobrokers is an alleged UK broker that is operating without a license for providing trading services.
Is My Money Safe with Novobrokers?
Your money is never safe while working with an unlicensed firm that follows no regulations.
Does Novobrokers Offer Demo Account?
Novobrokers unfortunately does not offer a demo account for any potential clients.